The auction comes five years after Aurora Capital took NuCO2 private for $487 million in 2008. The company withdrew plans for an initial public offering in July 2012, more than two years after it first filed to list its stock.

The people asked not to be named because the process is not public. Aurora Capital had no immediate comment and Goldman Sachs declined to comment.

NuCO2 has roughly $100 million in earnings before interest, tax, depreciation and amortization (EBITDA) and could command more than 10 times EBITDA, two of the people said, adding that the auction is early in the second round.

NuCO2’s fountain beverage equipment and services are used to carbonate fountain beverages at about 145,000 U.S. locations nationwide, according to its website.